Data continues to be the Achilles heel of the mortgage industry, despite the best efforts of both Mortgage Industry Standards Maintenance Organization (MISMO) and open APIs. Lenders now have their data scattered across a growing number of point solutions, each with their own unique way of describing, storing and exchanging data. There is no singular unified image of the data, especially one that is usable to enable real digital transformation using Artificial Intelligence (AI)/Machine Learning (ML)to drive outcomes.
Those point solutions house your data, and you pay them to access it. Data is the currency of the future in all industries, as we enter the digital AI/ML driven future. How do you get it back? Not only that, how do you get it back in your control?
True control of your data comes with digital transformation. But this term, “Digital Transformation,” has become a buzzword that is so often conflated with launching “digital” methods of collecting data, like a sexy borrower Point-of-Sale, automation bot, back end-integrations, etc., complete with bonus points if all of that is in the “Cloud.” This common perspective is misplaced; true digital transformation includes rethinking all aspects of why, what and how you do things in your business, and establishing foundational data-focused technologies as a core-competency to enable your ability to revolutionize the market you serve by targeting a AI/ML predictive input/output operating position.
In order to actually digitally transform, you must become data obsessed; you need to gather, store, organize, clean, de-duplicate, match, stitch and unify all the things in Software Land that are akin to a hard day’s work on the farm. Technologists live to work on these problems, but rarely are they actually ever solved, let alone addressed at scale and with enough flexibility and portability to mechanize anything more useful than a few fancy dashboards and analytics.
At Mortgage365 we are data obsessed; and have built our solution as the industry’s first real mortgage centric cloud aware data foundation with Microsoft®, we are innovating to be true data platform, a digital transformation platform – we make the cloud Mortgage aware, we make disparate data clean, we make it usable, we make it rich, and we ensure that its within your walls so you have access to all of it.
Lenders on our platform are in the unique position of having access to all of their data, all in one place, all of the time. Our platform exchanges and keeps their data current across a multitude of products, ranging from data analytics to pricing engines to underwriting systems. We bring it all together for you, so we can focus on innovating, our approach is the most mature in the industry.
So why does this matter?
To not only survive, but thrive, you must be focused on REAL digital transformation. Otherwise, your competitors of today and tomorrow will leapfrog you by actively working and investing heavily to disrupt you, and take your business, because that is what consumers want, and that is what the technology is able to do.
Our solution demonstrates that real digital transformation is now technologically possible at scale, change is inevitable as it’s now the demand of the consumer, and it’s now how we as humans in the not so distant future will leverage technology to greatly and vastly shift what work is completed by people, and what work is completed by machines. It’s going from horse drawn carriage to automobile, it’s going from human operated to autonomous in all possible areas in life. It’s a force that beckons the very best technical and strategic talent, and we are positioned to do that job; the best and brightest in the industry are already well along the way to enabling the digitally transformed future of Mortgage.